POLICY NOTE NUMBER 04-05

TO:ALL NETWORK CENTERS

FROM:Mark A. Petrilli, State Director

DATE:February 20, 2004

RE:Economic Impact Verification

PURPOSE: To clarify what is acceptable and required as verifiable documentation for jobs created and jobs retained statistics at the Center level.

BACKGROUND: Economic Impact data is required to be reported to SBA, DoD, and the State of Illinois. It is our responsibility to insure that this data is reliable and well-documented. Consistency in documentation should alleviate some of the incomplete information in this reporting area.

PROCEDURE: Clients are required to submit written verification of accomplishments due to assistance from a Network center. This verification should be on company letterhead or a form which provides all necessary information and contains a signature and date. Information provided should include the change in their business status, i.e., jobs created or retained. The center director has the responsibility of ensuring their clients understand the importance of correctly documenting the economic impact resulting from center-assisted accomplishments. The center director should take steps to insure that all submitted economic impact is an accurate reflection of the services provided by the center.

This same verification should include information regarding sales increase, profit increase, loan dollars, new business start-ups, contracts awarded and contract dollars, or any other economic impact a client has achieved as a result of direct assistance from a Network center. Only information received in written, signed and dated form should be considered verifiable and entered into the center statistics.

RESULTS: This method of verification has stood up under the review of outside government agencies and has consistently done so over time. It will also insure that there is consistency throughout the Network as to what data is reported and captured in WebCATS. Requiring clients to respond on letterhead or a signed form lends authenticity and credibility to the statistics reported to us and to the federal government.

EFFECTIVE DATE: Immediately.

INQUIRIES: Any questions may be directed to your Network Coordinator.